[Note: The NC A&T University Foundation interim president Shirley Frye said the Foundation is an "independent entity that supports NC A&T University..."]

In a news release, Frye explained, "In December, the Foundation discovered accounting discrepancies and immediately launched an investigation with help from outside counsel. We found that Ms. Grandy had misappropriated funds from an operating account to her personal account. As a result, we terminated Ms. Grandy, contacted the Greensboro police and hired a Big Four accounting firm to help us determine exactly what happened."

Frye said investigators found Grandy had stolen approximately $400,000 from the Foundation since 2011. She said the instances of theft "appear isolated" to only Grandy.

"Moving forward, the Foundation will take whatever action necessary to recover the funds and ensure something like this doesn't happen again," Frye said.

She said, "This crime will in no way compromise any of the Foundation's financial commitments to students, faculty and programs we support at the university."

It is unclear whether police arrested Grandy Thursday, prior to filing the charges. The Foundation did not disclose when, specifically, it released Grandy from her position.

Chancellor Harold Martin released this statement after news of the charges: News of the recent arrest and criminal investigation of a N.C. A&T Foundation employee has left the university community stunned.

"I am deeply disturbed about the facts surrounding the criminal investigation," said Chancellor Harold L. Martin Sr. "We are invested in the success of the university's associated entities and ensuring that this never happens again. Moving forward, our commitment to restoring trust within the university community—and among supporters, constituents and the public—is a priority."

In December 2013, Foundation staff alerted the university of accounting discrepancies and a subsequent investigation was launched.

The Foundation operates as an independent 501(c) (3) associated entity of the university established to foster and promote the growth, progress and general welfare of the university.